Mexico’s economy grows 4.5 percent in third quarter

Mexico City, Nov 23 (IANS/EFE) Mexico’s gross domestic product grew 4.5 percent in the third quarter, compared to the same period in 2010, and 4 percent in the first nine months of this year, the National Institute of Statistics and Geography, or INEGI, said Tuesday.

The figures, which are not seasonally adjusted, show GDP growing 1.34 percent, compared to the second quarter, the INEGI said.

The service sector grew 4.8 percent in the July-September period, while manufacturing expanded 3.4 percent and the primary sector, which includes agriculture and ranching, grew 8.3 percent.

The government expects Mexico’s economy to grow by around 4 percent this year, while the central bank projects annual growth to come in at between 3.5 percent and 4 percent.

Mexico’s GDP grew 5.4 percent in 2010, according to the latest INEGI revised figures, marking the strongest growth since 2000, thanks to 6 percent growth in manufacturing, 5 percent growth in services and 3.3 percent growth in the primary sector of the economy.

The GDP eked out growth of 1.3 percent in 2008, but Mexico’s economy contracted 6.5 percent in 2009.